Circle Square Digital Health Trends – December 2022 Year in Review
Published: January 3, 2023
3 January 2023 – Contribution by Sanjay Parekh – Featured in Circle Square Digital Health Trends – December 2022 Year in Review
Medical imaging AI market is at the tipping point to mainstream adoption and is set to reach $1.4b by 2026
The medical imaging AI world market has surged past pre-pandemic levels and was estimated to be more than $400m in 2021, up $60m YOY. This market remains in development, and despite several significant barriers that need greater attention, the market is forecast to reach almost $1.4 billion by 2026, with a growth rate (CAGR) of 26.7% (2020, 2026).
Radiology AI adoption is the cusp of ‘crossing the chasm’ towards widespread use.
Vendors are also evolving their offerings from single-point algorithms to AI solutions in several ways.
- Comprehensive solutions (e.g., chest x-ray solutions from Annalise.ai, Qure.ai, Oxipit),
- End-to-end solutions for time-critical use cases (e.g., stroke imaging AI solutions from Viz.ai, RapidAI, Aidoc), or
- Workflow suites (e.g., Arterys’ body area suites or Agfa HealthCare’s RUBEE workflow packages
73% of solutions available in the market are stand-alone AI solutions, expected to grow to 88% by 2026.
Editorial: Despite its optimism, Signify Research (UK) sees the medical imaging AI market facing several barriers. One is a lack of reimbursement significantly beyond the US. However, the recent CPT codes announced by the CMS for quantitative imaging tools (for population solutions), which may become reimbursable in the US, indicate this will change. It may also lead to other regions investing in AI at scale. Additionally, there remains a lack of large-scale studies reporting on the health economics and return on investment for medical imaging AI solutions. And the EU Medical Device Regulation (MDR) may present certification headwinds in 2024.Share on LinkedIn
AI in Medical Imaging – World Market AnalysisPublication Date June 2023
AI in Medical Imaging – World Market Analysis
This report is the 6th edition of our highly detailed, data-centric analysis of the world market for AI-based image analysis tools. An essential business planning tool to understand the current status and projected development of the market.
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AI in Medical Imaging Market Intelligence ServiceOngoing series of reports, data and insights delivered over the year
AI in Medical Imaging Market Intelligence Service
This Market Intelligence Service provides regular data, insights and analysis on the global market opportunity for AI-based medical image analysis.
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